Ayandeh Bank named Iran’s Bank of the Year by Banker

Ayandeh Bank named Iran’s Bank of the Year by Banker

Ayandeh Bank was named “the Bank of the Year” of the Islamic Republic of Iran in 2017 by the Banker, the London-based English-language monthly international financial affairs publication owned by The Financial Times Ltd. 
The bank won the top spot in November by replacing Pasargad, another private bank that had been named Iran’s best bank for both 2015 and 2016. 
The Banker provides the latest UK and international banking, finance and business coverage and analysis, with exclusive interviews and unparalleled access to the finance industry's most senior leaders and policy makers. 
In 2017, it made awards in 141 countries. 
In order to find success in the Bank of the Year awards, banks need to demonstrate not only resilience in their balance sheet and finances, but also trail-blazing achievements in areas such as overall strategy, success in multi-channel banking and financial inclusion. 
With many of the international sanctions imposed upon Iran lifted in early 2016, the country’s banking sector has found a new lease of life, though storm clouds could be on the horizon with continuing regional tension and uncertainty over US policy towards the country.
Ayandeh Bank, the Bank of the Year for Iran, had a remarkable 2016, with profits up 315%, after rising just 14% in 2015, Tier 1 capital up 139% and total assets rising 44% in local currency terms. Meanwhile the bank’s return on equity grew from 12% to 21%.
Ayandeh Bank, which was established in June 2012 through the merger of Tat Bank, Salehin Credit Institution and Ati Credit Institution, has a 17% market share of deposits among private banks and credit institutions in Iran. 
While its share of commercial bank deposits dropped from 18.5% in March 2015 to 12.54% in March 2017, its share of specialized banking deposits rose from 10.2% to 14.4% over the same period. The bank also ranks first among private banks in terms of its share of overall loans, at 16%.
Embracing the post-sanction landscape, Ayandeh Bank recruited consultants from around the world to prepare a new study, from which more than 10 projects have emerged, with the highest priority placed on attracting new customer groups such as frequent travelers and Iranians living abroad.
In 2015, the bank cut its number of branches from 641 to 165, in order to create a more agile and responsive bank. It has also launched projects related to anti-bribery and corruption, anti-money laundering and due diligence, all based on the latest international standards.